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47 prepare the closing journal entries for tuttle photography and an adjusted trial 4300770

47) Prepare the closing journal entries for Tuttle Photography and an adjusted trial balance dated December 31, 2013.

48) Given the following adjusted trial balance for Leighton Industries, prepare a postclosing trial balance dated December 31, 2014.

 

Leighton Industries

Adjusted Trial Balance

December 31, 2014

 

DebitCredit

Cash$13,000

Accounts receivable7,000

Prepaid rent3,000

Prepaid insurance3,500

Supplies3,300

Land32,000

Building55,000

Accumulated amort.-building$12,000

Equipment36,000

Accumulated amort.-equipment9,000

Accounts payable8,000

Salary payable2,000

Interest payable2,500

Mortgage payable (due 12/31/2019)55,000

Leane Leighton, Capital70,500

Leane Leighton, Withdrawals25,000

Service revenue96,000

Salary expense34,000

Insurance expense1,200

Rent expense1,800

Utilities expense16,000

Advertising expense2,000

Amortization expense-building11,000

Amortization expense-equipment10,000

Supplies expense     1,200________

Total$255,000$255,000

 

Calculate the current ratio and the debt ratio for Leighton Industries. Explain what these two ratios measure and whether it is usually preferable to have a higher or lower ratio for each.

 

 

 

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